Third Quarter Highlights

Encouraging progress on preliminary U.S. silicon metal trade case on antidumping and countervailing duties
Final EU safeguard decision expected by November 18
Reported adjusted EBITDA of $18.3 million
Total cash of $121.5 million, net debt of $5.2 million
Declared dividend of $0.014 per share payable on December 29
Coreshell began shipping pilot batteries to OEMs for testing; plans commercial battery deliveries for robotics and defense applications in early 2026

LONDON, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) ("Ferroglobe", the "Company", or the "Parent"), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the third quarter of 2025.

Financial Highlights


($ in millions, except EPS)	Q3 2025			Q2 2025			% Q/Q		Q3 2024			% Y/Y		YTD 2025			YTD 2024		% Y/Y

Sales	$	311.7		$	386.9		(19.4	)%	$	433.5		(28.1	)%	$	1,005.7		$	1,276.4	(21.2	)%
Net (loss) profit attributable to the parent	$	(12.8	)	$	(10.5	)	(22.6	)%	$	18.8		(168.1	)%	$	(89.7	)	$	51.7	(273.7	)%
Adj. EBITDA	$	18.3		$	21.6		(15.3	)%	$	60.4		(69.8	)%	$	13.0		$	144.0	(91.0	)%
Adjusted diluted EPS	$	(0.02	)	$	(0.08	)	67.6	%	$	0.11		(122.1	)%	$	(0.30	)	$	0.25	(219.5	)%
Operating cash flow	$	20.8		$	15.6		33.0	%	$	11.1		86.8	%	$	55.7		$	211.2	(73.6	)%
Capital expenditures¹	$	19.1		$	15.6		22.7	%	$	21.2		(9.5	)%	$	49.0		$	61.2	(19.9	)%
Free cash flow²	$	1.6		$	0.0		10774.0	%	$	(10.0	)	116.2	%	$	6.7		$	149.9	(95.5	)%

(1) Cash outflows for capital expenditures

(2) Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe's Chief Executive Officer, commented, "Market conditions remained challenging in the third quarter, with continued weak demand across our end markets, further pressured by aggressively low-priced imports to the EU. Encouragingly, the strong preliminary decision in the U.S. silicon metals antidumping and countervailing duty case bodes well for 2026. At the same time, we expect the final EU trade measures to be announced later this month. Together, these trade measures should help domestic producers regain market share. As the leading domestic producer in both Europe and the U.S., we are optimistic that 2026 market conditions will be significantly more favorable for Ferroglobe.

"We are further strengthening our partnership with Coreshell through a recently signed joint development agreement as they advance silicon anode technology in EV batteries. Pilot battery deliveries to leading OEMs have already begun, a key milestone toward commercialization. I'm also excited to announce that Coreshell won the prestigious Startup World Cup, a global competition featuring over 1000 regional competitors across more than 20 countries," concluded Dr. Levi.

Consolidated Sales

In the third quarter of 2025, Ferroglobe reported sales of $311.7 million, a 19.4% decrease from the prior quarter and a 28.1% decrease from the comparable prior-year period. This decrease compared to the prior quarter was mainly driven by lower sales volumes, partially offset by higher pricing across our product portfolio. Sales of silicon metal, silicon-based alloys and manganese-based alloys decreased by $31.1 million, $19.3 million and $21.7 million, respectively, compared with the prior quarter.

Product Category Highlights

Silicon Metal


($,000)	Q3 2025		Q2 2025		% Q/Q		Q3 2024		% Y/Y		YTD 2025		YTD 2024		% Y/Y
Shipments in metric tons:	33,561		44,610		(24.8	)%	56,910		(41.0	)%	114,478		172,965		(33.8	)%
Average selling price ($/MT):	2,950		2,916		1.2	%	3,401		(13.3	)%	2,915		3,268		(10.8	)%

Silicon Metal Revenue	99,005		130,083		(23.9	)%	193,551		(48.8	)%	333,703		565,250		(41.0	)%
Silicon Metal Adj.EBITDA	11,614		6,521		78.1	%	40,554		(71.4	)%	2,688		91,209		(97.1	)%
Silicon Metal Adj.EBITDA Margin	11.7	%	5.0	%			21.0	%			0.8	%	16.1	%

Silicon metal revenue in the third quarter was $99.0 million, a decrease of 23.9% from the prior quarter. The average selling price increased 1.2%, while shipments decreased 24.8% due to weaker demand primarily from the chemical sector. Adjusted EBITDA increased to $11.6 million for the third quarter, compared with $6.5 million for the prior quarter. Despite lower revenue, adjusted EBITDA margin improved, driven by higher average selling price, improved operational efficiency and continued cost optimization efforts.

Silicon-Based Alloys


($,000)	Q3 2025		Q2 2025		% Q/Q		Q3 2024		% Y/Y		YTD 2025		YTD 2024		% Y/Y
Shipments in metric tons:	42,968		53,048		(19.0	)%	45,489		(5.5	)%	138,880		143,613		(3.3	)%
Average selling price ($/MT):	2,149		2,105		2.1	%	2,237		(3.9	)%	2,123		2,221		(4.4	)%

Silicon-based Alloys Revenue	92,338		111,666		(17.3	)%	101,759		(9.3	)%	294,842		318,964		(7.6	)%
Silicon-based Alloys Adj.EBITDA	12,391		7,158		73.1	%	2,356		425.9	%	21,963		26,967		(18.6	)%
Silicon-based Alloys Adj.EBITDA Margin	13.4	%	6.4	%			2.3	%			7.4	%	8.5	%

Silicon-based alloy revenue in the third quarter was $92.3 million, a decrease of 17.3% from the prior quarter. The average selling price increased by 2.1%, while shipments decreased by 19.0% compared to the prior quarter. Volumes decreased in EMEA and the U.S. due to lower activity in steel and foundry sectors, as well as increased competitive pressure from Asian imports into the EU. Adjusted EBITDA increased to $12.4 million for the third quarter of 2025, up 73.1% compared with $7.2 million in the prior quarter. Despite lower revenues, EBITDA margins improved due to a favorable product mix with higher realizations and better cost performance.

Manganese-Based Alloys


($,000)	Q3 2025		Q2 2025		% Q/Q		Q3 2024		% Y/Y		YTD 2025		YTD 2024		% Y/Y
Shipments in metric tons:	69,552		88,188		(21.1	)%	64,495		7.8	%	224,969		208,279		8.0	%
Average selling price ($/MT):	1,214		1,204		0.8	%	1,391		(12.7	)%	1,179		1,221		(3.4	)%

Manganese-based Alloys Revenue	84,436		106,178		(20.5	)%	89,713		(5.9	)%	265,238		254,309		4.3	%
Manganese-based Alloys Adj.EBITDA	4,391		16,794		(73.9	)%	27,854		(84.2	)%	15,611		47,206		(66.9	)%
Manganese-based Alloys Adj.EBITDA Margin	5.2	%	15.8	%			31.0	%			5.9	%	18.6	%

Manganese-based alloy revenue in the third quarter was $84.4 million, a decrease of 20.5% from the prior quarter. The average selling price increased by 0.8%, while shipments decreased by 21.1% compared to the prior quarter due to reduced carbon steel production and weakness in the construction and automotive sectors. Adjusted EBITDA for the manganese-based alloys portfolio decreased to $4.4 million for the third quarter, compared with $16.8 million in the prior quarter. The adjusted EBITDA margin decreased due to weaker European steel demand, higher raw material costs and lower fixed cost absorption.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $180.4 million in the third quarter of 2025, compared to $253.2 million in the prior quarter, a decrease of 28.7%. As a percentage of sales, raw materials and energy consumption for production declined to 57.9% in the third quarter of 2025, compared to 65.5% in the second quarter. The decrease in costs as a percentage of sales was driven by enhanced operational efficiency, targeted cost optimization, and a more profitable product mix, improving overall profitability despite lower volumes.

Net (Loss) Attributable to the Parent

In the third quarter of 2025, net loss attributable to the parent was $12.8 million, or $(0.07) per diluted share, compared to a net loss attributable to the parent of $10.5 million, or $(0.06) per diluted share in the prior quarter. The quarterly result weakened compared to the previous quarter, reflecting lower sales volumes and reduced operating performance, partly mitigated by cost efficiencies and a favorable product mix. The Company reported adjusted diluted earnings per share of $(0.02) for the third quarter, compared with adjusted earnings per share of $(0.08) in the prior quarter.

Adjusted EBITDA

Adjusted EBITDA was $18.3 million for the third quarter of 2025 compared to $21.6 million for the prior quarter. Adjusted EBITDA was slightly down versus the previous quarter, reflecting ongoing market softness and reduced sales volumes, partially mitigated by operational efficiency improvements.

Total Cash, Adjusted Gross Debt and Working Capital


($ in millions)	September 30, 2025			June 30, 2025		$		%		September 30, 2024		$			% Y/Y

Total Cash¹	$	121.5		$	135.5	(14.1	)	(10.4	)%	$	120.8		0.7			0.6	%
Adjusted Gross Debt²	$	126.7		$	125.2	1.5		1.2	%	$	89.0		37.7			42.4	%
Net (Debt) Cash	$	(5.2	)	$	10.3	(15.6	)	(150.6	)%	$	31.8		(37.0	)		(116.4	)%
Total Working Capital³	$	421.6		$	440.8	(19.2	)	(4.4	)%	$	528.6		(107.0	)		(20.2	)%

(1) Total cash is comprised of restricted cash and cash and cash equivalents

(2) Adjusted gross debt excludes bank borrowings on our factoring program and the impact of leasing standard IFRS16

(3) Total working capital is comprised of inventories, trade receivables and other receivables minus trade and other payables

Total cash was $121.5 million as of September 30, 2025, down $14.1 million from $135.5 million as of June 30, 2025. Adjusted gross debt increased by $1.5 million to $126.7 million, resulting in net debt of $5.2 million as of September 30, 2025, a decrease of $15.6 million from the prior quarter.

During the third quarter, cash flows from operating activities were $20.8 million, and net cash used in investing activities was $18.4 million. Cash used in financing activities was $15.8 million as a result of principal repayments on financing facilities in the U.S., South Africa, Norway, France and Spain of $17.3 million, lease payments of $3.4 million, dividend payments of $2.6 million, interest payments of $2.2 million, and the principal repayments of other financing liabilities of $0.6 million, partially offset by net cash proceeds from the sale of short-term commercial paper totaling $10.4 million.

Total working capital was $421.6 million as of September 30, 2025, a decrease of $19.2 million from $440.8 million on June 30, 2025. The decrease in our working capital balance during the quarter was due to a $63.9 million decrease in trade receivables and other receivables, partially offset by increases of $43.4 million in inventories and a $1.3 million decrease in trade and other payables.

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "Despite a challenging market, we generated positive free cash flow and adjusted EBITDA in the third quarter. Our strong working capital management and prudent expense control enabled us to maintain a solid cash position. Due to the current business environment, the company abstained from share repurchases during the quarter. However, we remain committed to returning cash to shareholders through dividends and opportunistic share repurchases."

Capital Returns

During the third quarter, Ferroglobe did not repurchase shares and paid a quarterly cash dividend of $ 0.014 per share on September 29, 2025. Our next cash dividend of $0.014 per share will be paid on December 29, 2025, to shareholders of record as of December 22, 2025.

Conference Call

Ferroglobe invites all interested persons to participate on our conference call at 8:30 AM, Eastern Time on November 6, 2025. The call may also be accessed via an audio webcast.

To join via phone:

Conference call participants should pre-register using this link

https://register-conf.media-server.com/register/BI799033e77565403496222504c356e4e5

Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.

To join via webcast:

A simultaneous audio webcast, and replay will be accessible here:

https://edge.media-server.com/mmc/p/kbfjnvof

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese- based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "should", "forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "target", "will" and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe's actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control.

Forward-looking financial information and other metrics presented herein represent the Company's goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

This document may contain summarized, non-audited or non-IFRS financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash/(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company's current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA

Vice President, Investor Relations

Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig

Vice President, Communications & Public Affairs

Email: corporate.comms@ferroglobe.com


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts)

		For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Nine Months Ended			For the Nine Months Ended
	September 30, 2025			June 30, 2025				September 30, 2024			September 30, 2025		September 30, 2024
Sales	$	311,698		$	386,862		$	433,533		$	1,005,739		$	1,276,434
Raw materials and energy consumption for production		(180,414	)		(253,212	)		(255,062	)		(671,967	)		(776,366	)
Other operating income		30,421			26,893			27,202			66,386			65,485
Staff costs		(68,861	)		(68,797	)		(71,885	)		(208,107	)		(209,624	)
Other operating expense		(74,705	)		(64,535	)		(74,475	)		(186,531	)		(212,893	)
Depreciation and amortization		(19,953	)		(18,301	)		(18,899	)		(55,774	)		(56,443	)
Impairment (loss) gain		(12	)		—			—			255			—
Other (loss) gain		(177	)		(172	)		189			1,056			1,125
Operating (loss) profit		(2,003	)		8,738			40,603			(48,943	)		87,718
Finance income		830			970			829			2,673			3,715
Finance costs		(3,881	)		(4,970	)		(2,983	)		(13,406	)		(18,853	)
Financial derivatives (loss) gain		(203	)		200			—			(3	)		—
Exchange differences		555			(19,659	)		(6,576	)		(26,018	)		(1,602	)
(Loss) profit before tax		(4,702	)		(14,721	)		31,873			(85,697	)		70,978
Income tax (expense) benefit		(8,566	)		3,787			(13,301	)		(5,404	)		(20,627	)
Total (loss) profit for the period		(13,268	)		(10,934	)		18,572			(91,101	)		50,351

(Loss) profit attributable to the parent	$	(12,812	)	$	(10,451	)	$	18,814		$	(89,744	)	$	51,671
(Loss) attributable to non-controlling interest		(456	)		(483	)		(242	)		(1,357	)		(1,320	)

EBITDA	$	18,505		$	7,380		$	52,926		$	(19,187	)	$	142,559
Adjusted EBITDA	$	18,267		$	21,562		$	60,410		$	13,025		$	143,953


Weighted average number of shares outstanding
Basic		188,075			188,142			188,325			188,386			188,168
Diluted		188,075			188,142			190,393			188,386			190,176

(Loss) profit per ordinary share
Basic	$	(0.07	)	$	(0.06	)	$	0.10		$	(0.48	)	$	0.27
Diluted	$	(0.07	)	$	(0.06	)	$	0.10		$	(0.48	)	$	0.27


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)

	As of September 30,		As of June 30,			As of December 31,
	2025		2025			2024
ASSETS
Non-current assets
Goodwill	$	14,219	$	14,219	$	14,219
Intangible assets		128,024		195,631		103,095
Property, plant and equipment		521,219		519,165		487,196
Other financial assets		28,529		27,519		19,744
Deferred tax assets		5,716		9,290		6,580
Receivables from related parties		1,761		1,758		1,558
Other non-current assets		21,413		21,346		22,451
Total non-current assets		720,881		788,928		654,843
Current assets
Inventories		369,392		325,960		347,139
Trade receivables		183,777		221,070		188,816
Other receivables		93,180		119,848		83,103
Current income tax assets		4,943		8,475		7,692
Other financial assets		12,520		12,530		5,569
Other current assets		35,208		48,529		52,014
Restricted cash and cash equivalents		186		197		298
Cash and cash equivalents		121,290		135,350		132,973
Total current assets		820,496		871,959		817,604
Total assets	$	1,541,377	$	1,660,887	$	1,472,447

EQUITY AND LIABILITIES
Equity	$	786,811	$	812,639	$	834,245
Non-current liabilities
Deferred income		33,100		57,589		8,014
Provisions		31,020		29,310		24,384
Provision for pensions		30,827		30,570		27,618
Bank borrowings		52,412		45,941		13,911
Lease liabilities		65,593		64,858		56,585
Other financial liabilities		27,956		28,651		25,688
Other non-current liabilities		194		14,033		13,759
Deferred tax liabilities		18,061		18,507		19,629
Total non-current liabilities		259,163		289,459		189,588
Current liabilities
Provisions		76,384		121,527		83,132
Provision for pensions		174		177		168
Bank borrowings		58,386		83,166		43,251
Lease liabilities		13,648		13,704		12,867
Debt instruments		22,784		12,368		10,135
Other financial liabilities		9,313		7,720		48,117
Payables to related parties		1,175		3,978		2,664
Trade and other payables		224,778		226,077		158,251
Current income tax liabilities		1,515		27		10,623
Other current liabilities		87,246		90,045		79,406
Total current liabilities		495,403		558,789		448,614
Total equity and liabilities	$	1,541,377	$	1,660,887	$	1,472,447


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows (in thousands of U.S. dollars)

	For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Nine Months Ended			For the Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Cash flows from operating activities:
(Loss) profit for the period	$	(13,268	)	$	(10,934	)	$	18,572		$	(91,101	)	$	50,351
Adjustments to reconcile net (loss) profit to net cash provided by operating activities:
Income tax expense (benefit)		8,566			(3,787	)		13,301			5,404			20,627
Depreciation and amortization		19,953			18,301			18,899			55,774			56,443
Finance income		(830	)		(970	)		(829	)		(2,673	)		(3,715	)
Finance costs		3,881			4,970			2,983			13,406			18,853
Exchange differences		(555	)		19,659			6,576			26,018			1,602
Impairment loss (gain)		12			—			—			(255	)		—
Net (gain) loss due to changes in the value of asset		—			—			(193	)		—			(301	)
(Gain) loss on disposal of non-current assets		—			—			4			—			(42	)
Share-based compensation		(82	)		692			1,496			1,906			3,337
Other loss (gain)		380			(28	)		—			(1,053	)		(782	)
Changes in operating assets and liabilities
(Increase) decrease in inventories		(44,640	)		139			(5,414	)		(16,144	)		(23,099	)
Decrease (increase) in trade receivables		37,055			(9,420	)		27,018			20,429			(8,991	)
Decrease (increase) in other receivables		25,770			(15,984	)		(28,656	)		213			13,655
Decrease (increase) in energy receivable		6,734			(440	)		(10,508	)		31,459			137,694
(Decrease) increase in trade payables		(1,628	)		39,308			(13,678	)		50,866			1,784
Other changes in operating assets and liabilities		(20,415	)		(13,817	)		(11,610	)		(26,695	)		(45,229	)
Income taxes (paid) received		(170	)		(12,076	)		(6,847	)		(11,806	)		(11,023	)
Net cash provided by operating activities:		20,763			15,613			11,114			55,748			211,164
Cash flows from investing activities:
Interest and finance income received		720			973			766			2,565			2,107
Payments due to investments:
Intangible assets		(459	)		(163	)		(850	)		(1,179	)		(2,169	)
Property, plant and equipment		(18,673	)		(15,435	)		(20,302	)		(47,858	)		(59,075	)
Other financial assets		—			(4,000	)		—			(15,119	)		(3,000	)
Disposals:
Property, plant and equipment		—			—			—			1,559			—
Net cash used in investing activities		(18,412	)		(18,625	)		(20,386	)		(60,032	)		(62,137	)
Cash flows from financing activities:
Dividends paid		(2,611	)		(2,611	)		(2,441	)		(7,835	)		(7,322	)
Payment for debt and equity issuance costs		(7	)		(4	)		—			(106	)		—
Repayment of debt instruments		(4,585	)		(9,170	)		—			(24,116	)		(147,624	)
Proceeds from debt issuance		15,028			6,036			—			35,444			—
(Decrease) increase in bank borrowings:
Borrowings		103,868			157,498			145,804			367,399			386,377
Payments		(121,192	)		(121,010	)		(144,292	)		(319,378	)		(358,076	)
Payments for lease liabilities		(3,408	)		(3,174	)		(5,834	)		(9,680	)		(11,690	)
Payments from other financing liabilities		(626	)		(20,802	)		—			(44,079	)		(2,657	)
Other (payments) proceeds from financing activities		—			1,581			(2,176	)		1,581			(492	)
Payments to acquire own shares		—			(1,988	)		(492	)		(4,691	)		—
Interest paid		(2,232	)		(2,905	)		(6,955	)		(9,668	)		(24,163	)
Net cash (used) provided in financing activities		(15,765	)		3,451			(16,386	)		(15,129	)		(165,647	)
Total net (decrease) increase in cash and cash equivalents		(13,414	)		439			(25,658	)		(19,413	)		(16,620	)
Beginning balance of cash and cash equivalents		135,547			129,581			144,487			133,271			137,649
Foreign exchange (losses) gains on cash and cash equivalents		(657	)		5,527			1,981			7,618			(219	)
Ending balance of cash and cash equivalents	$	121,476		$	135,547		$	120,810		$	121,476		$	120,810
Restricted cash and cash equivalents		186			197			306			186			306
Cash and cash equivalents		121,290			135,350			120,504			121,290			120,504
Ending balance of restricted cash and cash and cash equivalents	$	121,476		$	135,547		$	120,810		$	121,476		$	120,810


Adjusted EBITDA ($,000):

	Q3´25			Q2´25			Q3´24			YTD´25			YTD´24
(Loss) profit attributable to the parent	$	(12,812	)	$	(10,451	)	$	18,814		$	(89,744	)	$	51,671
(Loss) attributable to non-controlling interest		(456	)		(483	)		(242	)		(1,357	)		(1,320	)
Income tax expense (benefit)		8,566			(3,787	)		13,301			5,404			20,627
Finance income		(830	)		(970	)		(829	)		(2,673	)		(3,715	)
Finance costs		3,881			4,970			2,983			13,406			18,853
Financial derivatives loss (gain)		203			(200	)		—			3			—
Depreciation and amortization		19,953			18,301			18,899			55,774			56,443
EBITDA		18,505			7,380			52,926			(19,187	)		142,559
Exchange differences		(555	)		19,659			6,576			26,018			1,602
Impairment loss (gain)		12			—			—			(256	)		—
Restructuring and termination costs		—			(1,285	)		—			(1,285	)		(4,540	)
New strategy implementation		—			—			1,413			682			3,786
Subactivity		—			—			657			—			1,708
PPA Energy		305			(1,384	)		(1,162	)		1,689			(1,162	)
Fines inventory adjustment		—			(2,808	)		—			5,364			—
Adjusted EBITDA	$	18,267		$	21,562		$	60,410		$	13,025		$	143,953


Adjusted (loss) profit attributable to Ferroglobe ($,000):

	Q3´25			Q2´25			Q3´24			YTD´25			YTD´24
(Loss) profit attributable to the parent	$	(12,812	)	$	(10,451	)	$	18,814		$	(89,744	)	$	51,671
Tax rate adjustment		9,836			188			3,271			28,542			(1,710	)
Impairment (gain)		9			—			—			(187	)		—
Restructuring and termination costs		—			(938	)		—			(938	)		(3,111	)
New strategy implementation		—			—			968			498			2,595
Subactivity		—			—			450			—			1,170
PPA Energy		223			(1,010	)		(796	)		1,233			(796	)
Fines inventory adjustment		—			(2,050	)		—			3,916			—
Adjusted (loss) profit attributable to the parent	$	(2,745	)	$	(14,262	)	$	22,707		$	(56,680	)	$	49,819


Adjusted diluted (loss) profit per share:

	Q3'25			Q2´25			Q3´24			YTD´25			YTD´24
Diluted (loss) profit per ordinary share	$	(0.07	)	$	(0.06	)	$	0.10		$	(0.48	)	$	0.27
Tax rate adjustment		0.05			0.00			0.02			0.15			(0.01	)
Impairment (gain)		0.00			—			—			(0.00	)		—
Restructuring and termination costs		—			(0.00	)		—			(0.00	)		(0.02	)
New strategy implementation		—			—			0.01			0.00			0.01
Subactivity		—			—			0.00			—			0.01
PPA Energy		0.00			(0.01	)		(0.00	)		0.01			(0.00	)
Fines inventory adjustment		—			(0.01	)		—			0.02			—
Adjusted diluted (loss) profit per ordinary share	$	(0.02	)	$	(0.08	)	$	0.11		$	(0.30	)	$	0.25

Ferroglobe Reports Third Quarter 2025 Financial Results